With bi-partisan fanfare, Governor Chris Christie signed the Economic Opportunity Act yesterday afternoon. The new law,which Christie reshaped with his conditional veto, is far-reaching legislation designed to make New Jersey more competitive in economic development and job creation.
Economic incentives for business and development will now be more generous and easier to obtain.
State Senator Joe Kyrillos, a primary sponsor of the bill, celebrated the enactment of the legislation and called for more comprehensive tax reform.
“We got this done to boost New Jersey’s private-sector economy, because many Republicans and Democrats realize that this legislature desperately needs to do more to attract and retain job creators,” said Kyrillos (R-Monmouth). “We came together; we compromised to create more opportunities for New Jersey families. This should be the bridge to comprehensive tax reform that New Jerseyans have been waiting on for far too long.”
“It is encouraging that Democratic prime sponsor Senator Lesniak acknowledged the following during Thursday’s session: ‘We know that New Jersey cannot compete not only with our surrounding states but we can’t compete internationally because of the cost of doing business here we know is high,’” Kyrillos added. “This is a problem that Senate Republicans have tried to permanently address for years. With more Democrats now realizing the issue, the chances that this legislature will finally fix this state’s non-competitive tax structure are much better. When we get this done, residents won’t have fear that our sons and daughters will be forced to flee this costly state to start their families elsewhere, or that they won’t be able to find solid jobs because employers can’t afford to operate here.”